Question
On January 1, 2021, the stockholders' equity section of Atlantic Corporation's balance sheet reported the following: Common stock, par $1, authorized 100,000 shares, issued 15,000
On January 1, 2021, the stockholders' equity section of Atlantic Corporation's balance sheet reported the following:
Common stock, par $1, authorized 100,000 shares, issued 15,000 shares |
$15,000 |
Additional paid-in capital | 150,000 |
Retained earnings | 200,000 |
During 2021, the following transactions occurred (assume they occurred in the order given):
March 1 | 1,000 shares of treasury stock were purchased at $15 per share. |
May 1 | Issued a 10% stock dividend when the market price was $18. The stock dividend is considered small. |
September 1 | Announced 2 for 1 stock split |
December 1 | Declared and paid a cash dividend of $2 per share. |
Required:
Journalize all the transactions listed above for equity during 2021.
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